With the emergence and long-term Impact of COVID-19, the Global Artificial Organs and Bionic Implants Market is to reach USD 56.32 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Artificial Organs and Bionic Implants Market is poised to raise up to USD 56.32 Billion by 2030. Artificial organs and bionic implants are medical devices that are designed to replace or enhance the function of specific organs or body parts. They are developed to assist individuals with organ failure, physical disabilities, or other medical conditions that affect the normal functioning of their bodies. Artificial organs and bionic implants have significantly advanced in recent years, improving the quality of life for many individuals with medical conditions or disabilities.
The Artificial Organs and Bionic Implants market is expanding because of factors such as rising incidence of organ failures and increasing prevalence of Kidney chronic diseases. The rising prevalence of chronic diseases, such as cardiovascular diseases, kidney failure, diabetes, and organ failures, has created a growing demand for artificial organs and bionic implants. These devices provide a solution for patients who are unable to receive organ transplants or have failed conventional treatments. the Centres for Disease Control and Prevention (CDC) reported that 37 million Americans, or more than 1 in 7 persons, had chronic kidney disease in 2021.
Similarly, as per a report by the national health portal of the Indian Government in July 2022, the prevalence of end-stage renal disease (ESRD) in India is leading to a significant rise in the number of new patients, estimated at approximately 2.2 lakh each year. Thus, rising prevelance of kidney chronic disease across the globe is fostering the market growth. Along with these, factors such as the rising rate of organ failures, the high rate of traffic accidents resulting in amputations, the lack of organ donors, and technological improvements will propel market expansion.
For example, according to the article “Organ donation in India – There is light at the end of the tunnel” published in April 2022, it is projected that almost 5 lakh Indians suffer from organ failure each year, but only 2%–3% of them obtain a life-saving transplant. It is projected that the burden of organ failure will open up chances for artificial organs and the Indian bionics sector. As a result, it is projected that this would result in the artificial organs and bionics market growth over the projected years.
In addition, rising investments and research initiatives and technological advancements in the artificial organ and bionics is creating a lucrative opportunity to the market growth. However, the high cost of artificial organs and bionic implants and regulatory hurdles stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Artificial Organs and Bionic Implants Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with largest market share owing to the dominance of key market players, the rising prevalence of kidney disorders, rising technological advancement and investment for research and development activities in the region. Whereas, Asia Pacific region is projected to have fastest growth owing to factors such as rising prevalence of chronic diseases, rising number of organ transplantation activities, favorable government reimbursement policies in the region.
The global Artificial Organs and Bionic Implants Market is highly competitive owing to the presence of several key manufacturers such as Abiomed Inc, Asahi Kasei Medical Co., Ltd, Baxter International Inc., Berlin Heart GmbH, Boston Scientific Corporation, Cyberonics Inc., Ekso Bionics Holdings Inc., and others.
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Key findings of the study suggest:
- Global Artificial Organs and Bionic Implants Market is anticipated to grow with a healthy growth rate of more than 9.3% over the forecast period 2023-2030.
- In the product segment, artificial organs emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the rising prevalence of kidney disorders.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Product:
- Artificial Organs
- Artificial Bionics
By Technology:
- Mechanical bionics
- Electronic bionics
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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